SMR acquires full ownership of Main Street

The companies have been joint venture partners since beginning the project in 2002. The retail center opened to the public in late 2005.

“SMR’s control of the ownership and management responsibility underscores SMR’s commitment to the project and also enhances our ability to shape the direction of this important component of our rapidly growing community,” SMR President Rex Jensen said in a press release. “We are excited about the future growth of Main Street as it evolves into a family-oriented entertainment and retail destination for all of the East County area.”

Jensen said SMR and Casto have been working on the deal for the last six to eight months, but negotiations escalated recently so the companies could close the deal before Jan. 1.

Main Street, which developers call the “heart” of the community, includes 158,000 square feet of mixed-uses, including restaurants, retail and office space and residential condominiums.